National Financial Awareness Day 2023 is a day dedicated to developing the financial principles and practices that can build a solid financial future from now through retirement. It celebrates implementing investment practices, so you can make your money work for you, spend less time working, and have more time to enjoy living your life. It also helps demystify finances by teaching people that financial matters can be straightforward and manageable – not overwhelming and stressful.
Financial awareness encompasses both a mindset and a strategic approach to money management, aimed at optimising your financial outcomes. Currently, 45% of UK adults lack confidence in handling their finances, often avoiding money matters due to related anxieties. Cultivating the right mindset involves being mindful of financial decisions and their impact on overall wellbeing. It’s crucial to take ownership of financial actions and develop a well-defined strategy that includes clear and achievable goals, such as saving for a house or planning for retirement, with detailed steps and timelines for achieving them.
How to Observe National Financial Awareness Day 2023
Educate Yourself
Financial education is key to personal and professional success. It provides a better understanding of how money, investment, and the financial market work, and helps you to make better financial decisions, which in turn can lead to greater wealth and economic wellbeing. Research has found that only two in five (41%) young adults are considered financially literate, it suggests that 3.4 hours of financial education each month could significantly boost financial literacy and equip individuals to make good financial decisions in later life. You can start with the fundamentals of financial literacy through learning the key terms like income, expenses, assets, liabilities, net worth, and cash flow. Understanding these basic concepts will form the foundation of your financial knowledge.
Review Your Financial Goals
Create or Update Your Budget
A budget helps create financial stability, it allows you to take control of your finances, track your income and expenses, and make informed decisions about how to allocate your money. Through tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. 73% of Americans say that they don’t regularly follow a budget according to a survey by OppLoans, with 1 in 10 respondents say they don’t keep any sort of budget at all. Without budgeting you will more likely be held with the consequences including a lack of savings, less financial security, out of control spending, a higher likelihood of going into debt and more financial stress. In addition, when you live without a budget, it becomes more difficult to navigate unexpected expenses, and achieve your financial goals. It’s important to review your past spending habits from the previous month(s) to understand where your money goes and identify areas where you might be overspending or areas where you can cut back.
Explore Investment Options
How Wellity Can Support You on National Financial Awareness Day 2023
Managing your finances can feel overwhelming particularly in the face of a shifting economy and a world of uncertainty. Yet, taking control of your money management is key to helping you feel more empowered financially.
Our session ‘Mastering Your Money in a Changing World’ will explore the topic of becoming a money master, helping you to understand the fundamentals of budgeting, planning, and saving to set your financial goals. The session will help you conquer anxieties and obstacles in managing debt, income, and expenditure. It aims to empower you in developing a strategy for financial control.
Objectives:
- Understanding you money mindset
- Exploring ways to be smarter with your income and expenditure
- Identify opportunities to save and budget
- Overcoming challenges and tackling debt
- Create a strategy for setting short-term and long-term financial goals
For any information on this session or others we offer around this significant awareness day, contact us at hello@wellityglobal.com.
